Fort Worth weekly gazette. [volume] (Fort Worth, Tex.) 1882-1891, 1887-12-02
FARM MORTGAGES IN THE WEST.
Who Own tina Country and Where 1t ia
Owned.
New Orleans Times-Democrat.

New Orleans Times-Democrats
It is customary to call attention to the
fact that the farmers and planters Of the
south are heavily in debt, and to cite this
as evidence that agriculture here is badly
managed, Improbable and decoying. We
have already noted the condition of the
farmers in New England; it is equally in
teresting 70 STUDY their condition in the
western states, where the mortgage is
quite as prevalent as il is he e.
The report of the bank examiner Of
New Hampshire bears startling evidence
TO this effect, snd shows how large por-
ton of the west is owned in New En-
gland. According to that report, the saw
iDgs banks Of New Hampshire slone hold
SIS 500, $50 in western farm mortgages,
while the total mortgages on western
lands held by all tn banks, insurance
companies and private citizens is estimz-
ted st $70,0O0,000 This is q sample of
one Of the New England states and by no
means the richest or the largest holder Of
western paper.
10 the report Of the Bureau Of Agricul-
ture, there are some very Interesting fig
ures on this subject. some that are likely
to surprise the western people. The bu-
reau estimates thst "one-iOurth Of the
farms Of Ooio are encountered by mort
cages to secure debts to neighboring
farmers and bankers and to eastern in
suraDce companies and capitalists" OF
Michigan the same report says: "It is
estimated that one-fourth Of the farm
ers are mortgsged." In Indiana,
"the average Indebtedness or the
amounts for which mortgages are given
!, 60
amount 35 per cent. is held by eastern
capitalists " OF Illinois it is said:
"Protsbly SO per cent of the farmers are
in debt''-the debts drawing TO s per
cent. interest and secured by mortgage.
"These mortgages are held mostly by
eastern capitalists, often by the repre-
Sentatives of large insurance compan-
les. The report on Missouri says:
are mortgaged." Of Kansas, it
says: cat least 90 per cent. of the
farms are nortgaged, mostly to loan
associations handling eastern capital.
There is scarcely town of 500 inhabi-
for eastern capitalists
These ere but samples. All the other
states show equally unsatisfactory re-
of all the farms in the west are mort
gagged, and that nearly all of these mort
cages ere held IN the east by
banks, insurance companies and
capitalists; snd to these. the western
farmers have to pay o large tribute an
nuallV in interest. In this respect, the
southern states are better OF They are
as heavily mortgage d, but certainly no
more SO; but they owe the money 10
their own people, tue interest is paid
here in the south, and there is no tribute
to be paid out elsewhere. What is the
interest tribute the west is paying? The
value of farms in tn" twelve western
states Is S5,l43 600 600. Oue-half
OF the value Of Kansas farms
is owned in the east and
about one fourth of the farms in
these twelve western states Putting the
mortgage Of minimum 81 81 100000 000
the interest required to be paid is $780,
coo 900 year, very heavy burden, and
which only very rich and fertile section
could stand Nor is this all the west pays,
f0t if 10 this be added the interest on the
state and county bonds held in the east
and the dividends on western railroads,
the annual western tribute to New Eng
land Snd New York will be found TO
amount TO S260,t00, 900 s year. The
south, it seems, Is not so much worse of
than its neighbOrs after all. It's farmers
are il debt, but they are slowly releasing
themselves from it, and are certainly not
burdened by this excessive tribute which
keeps the western farmers ever at work.
The southern NOR cages were the result
of slavery, war and misrule; those in the
west have grown up in the midst of pros